We’ve helped 1000s of customers, and still counting!

We’ve made it our mission to help as many people as possible find their perfect mortgage, specialising in helping people with a bad credit history or previous credit issues – we think everyone deserves a chance to remortgage or own their dream home!

Difference between going direct to a lender and seeking the advice of a mortgage broker:

Going direct to a lender: This means you go directly to a lender to seek a mortgage, such as a bank or building society. They’ll probably have a range of products and eligibility checks will decide what products and deals you could access; however, you’re limited to what that lender has to offer.

Using a mortgage broker:

A mortgage broker is fully trained and versed in finding the best deal on the market, our brokers, for example, are all experts in bad credit mortgages and work with over 100 lenders. This means they have access to a huge variety of products that you could be eligible for, as each lender will have different approval criteria- and sometimes brokers can even find deals not advertised openly on the market. Your broker will make it clear which lenders are likely to accept your application and can help you prepare so you have the best chances of approval.

Our expert brokers come with a wealth of experience and work with over 100 lenders who consider all applications, even with a bad credit history.

We could help you secure a…

First-time buyer mortgage:
As a first-time buyer, buying your first home is a really exciting time – but it’s a daunting one too. At Clever Mortgages we’re here to help. Your dedicated adviser will talk you through every step, to make sure that you get the right mortgage to match your specific needs.

Remortgage:
There are many reasons to consider remortgaging, whether to save money on monthly repayments, get on a fixed rate to help you budget, consolidate debt or raise cash tied up in equity for improvements(link to home improvements blog)– whatever your need, we have access to a wide range of products and could help to secure you finance no matter what your circumstances.

Debt Consolidation mortgage:
A debt consolidation remortgage can help you combine all or some of your debt into one consolidated loan, allowing you to close multiple accounts you may have and only deal with one monthly repayment. You can use a debt consolidation mortgage to consolidate both secured and unsecured debt, and could help you save money on several costly interest rates. Our specialist advisors could help you find the right debt consolidation mortgage for your financial situation, even with bad credit.

Secured loan, or a homeowners loan:
A secured loan allows you to take out a second mortgage on your property while keeping your primary mortgage intact. If you’re struggling to find a remortgage, or if you just want to keep your current mortgage while accessing cash tied up in your home, a secured loan could be the solution for you.

Help-to-Buy mortgages:
The Help-to-Buy scheme means you only need to put down 5% of a home’s value for a deposit. The Government will then boost this amount with an equity loan of up to 20% (40% in London). At Clever Mortgages we work with many lenders who could offer you a Help-to-Buy mortgage whether you’re a first-time buyer or purchasing a new home.

Shared-ownership mortgages:
Whether you’re a first-time buyer or home mover, we could help you buy a share of between 25-75% of a property and then pay rent on the remaining share. Sometimes it’s hard to save up a full deposit, a shared ownership mortgage could help you move into your dream home!

Right-to-Buy mortgages:
Right-to-Buy allows tenants of council properties, and some housing associations, the legal right to buy, at a large discount, the council house they are living in. If you’re a council tenant, we could help you to buy the property at a significant discount through the Right-to-Buy scheme.

Buy-to-Let mortgages
Having a buy to let property could be an investment for yourself or your family.  You may benefit from additional monthly income and capital gains in the value. Our expert brokers can help you purchase or refinance a buy-to-let, even with bad credit.

Self-build mortgage
If you’re planning on building a property you might want to consider a self-build mortgage. Whether you have built several properties before or if you’re planning your first self-build, we could help secure a mortgage that’s right for you.

Second-home mortgage
If you already own a home but are looking to purchase a second property, we could help find the right mortgage for you. With a second mortgage application, there could be more challenges to overcome than with your first mortgage, but Clever Mortgages can support you through the process so you can successfully buy your second home.

Professional mortgage:
Some careers can make it harder to find a mortgage. Perhaps you’re self-employed, or work in contract-based roles, maybe you’re a company director – we can help guide you and our expert brokers can help you find the best mortgage to suit you.

Our advisors and brokers are all fully trained in bad credit situations and work with over 100 lenders, covering almost all financial situations and giving us the ability to help people who might be struggling to find a mortgage elsewhere. We understand that bad credit can happen to anyone, for a variety of reasons but believe everyone deserves a chance to own their dream home and find a mortgage to get back on track.

We could help you get your perfect mortgage, even if you’ve experienced:

Here’s how we helped one couple save £485 a month

Debt consolidation remortgage, even with bad credit Secured a 5 year fixed rate of 2.10%
Consolidated to one monthly payment Credit score repairing

At Clever Mortgages we don’t believe that people should suffer due to a bad credit history. Mr H had been in an IVA and Mrs H was in a Debt Management Plan. They wanted to consolidate their secured loan, plus three other debts, into a new mortgage product – hoping that this would bring down their monthly repayments.

Mr and Mrs H were paying £1,582 and are now paying £1,097 per month.  Clever Mortgages we were pleased to be able to help them make a real difference to their lives, which is also helping them to improve their credit score.

 BalancePaymentRateProductTerm
Previous Mortgage£61,000£4901.25%Tracker12 Years
Previous Secured Loan £43,000£43610%Standard Variable Rate12 Years
Previous Unsecured debts£44,320£657VariousVariousVarious
New Mortgage£150,00£10972.10%5 Year Fixed13 Years

Previous Mortgage

Balance£61,000
Payment£490
Rate1.25%
Term12 Years

Previous Secured Loan

Balance£43,000
Payment£436
Rate10%
Term12 Years

Previous Unsecured Debts

Balance£44,320
Payment£657
RateVarious
Term13 Years

New Mortgage

Balance£150,000
Payment£1097.67
Rate2.10%
Term13 Years
callback

Can you get a mortgage with debt?

Many people who are in debt automatically assume they won’t be eligible for a mortgage. This isn’t always the case and you should still have a chance to take out a mortgage if you have debts. However, if your existing or previous debt has had a negative impact on your credit rating, then it can affect your mortgage application. This can be anything from making late payments to paying into a DMP (Debt Management Plan).

Luckily, there are mortgage lenders who are understanding of people who have a less than perfect credit score. Rather than just taking into consideration your credit history, they will look at your current financial situation to assess whether you can afford the monthly payments.

How to apply for a mortgage with debt

Getting a mortgage with a bad credit score won’t be as easy as having good credit. It’s likely that you won’t be eligible for the same mortgage deals, as interest rates will be higher for bad credit customers. But there are still options available to you as long as you can afford to make the repayments.

Here we have provided some tips for getting a mortgage if you have any outstanding debt:

Work out your affordability

The most important thing that you should consider is whether you can afford the mortgage. The size of your deposit will make a difference on how affordable your mortgage is. Lenders are also unlikely to accept you at all if you don’t have a sizeable deposit to put down. In addition, if you do have a bad credit history then it’s often a requirement that you put down an even larger amount. This is typically between 15-30% of the total value of the property.

You should also work out if you can afford the monthly payments. If you know that they will be a stretch for you then there’s no point in applying as a lender will also be able to see that.

Check your credit score

Before submitting your mortgage application it’s a good idea to check your credit report. You can do this through a number of credit reference agencies including Experian and Check My File. Any information will remain on your credit file for 6 years so if you have any loan defaults, have been made bankrupt or been in an IVA then a lender will be able to see this information.

Knowing your credit score will give you a better indication of what rates and types of finance you can apply for. There might also be things that you can do to improve your credit score before submitting your mortgage application.

Organise your finances

Showing that you have your finances under control now will help with your mortgage application. If you can show that you have settled your debts then you have a much better chance of being approved than if it is still outstanding. A debt problem that has been solved is far better than one that is still ongoing. Make sure that you always make your payments on time and if possible, set direct debits so you don’t risk missing any.

Demonstrating good financial management is also especially important for first time buyers who have never had a mortgage before. You might not have borrowed much in the past and need to show that you are a responsible person to lend to.

Consider a mortgage broker

You should be aware, however, that some lenders will still reject applications even if you have settled your debts. Using a mortgage broker that specialises in bad credit mortgages can help to increase your chances of being approved.

Mortgage After an IVA

Can I get a Mortgage after an IVA – See if we can help you?

Can I get a Mortgage after an IVA – If you’ve got a mortgage currently, but are on a high rate – whatever your credit history, you should consider getting some advice on switching. Consolidating other debts into a new mortgage, and moving to a better rate, can be a great way of making a significant saving every month. Here we’ll cover:

  • How we helped our customer, who’d recently completed an IVA, get a mortgage with a better rate
  • Even with bad credit, and with current debts still to pay off, you could get a remortgage plan that’d save you on repayments each month
  • The advantages of using an expert broker like Clever Mortgages, particularly if you’ve got a less than perfect credit history

Our customers asked us “Can I get a Mortgage after an IVA?”

With Clever Mortgages, Mr and Mrs P were able to:

  • Get a debt consolidation remortgage, even though Mr P had just come out of an IVA
  • Secure a fixed rate of 2.23% with a trusted lender
  • Give them an overall saving each month of £695

 BalancePaymentRateTerm
Previous mortgage£185,235£1,4895.03%14 Years
Secured Loan £15,500£520VariousVarious
New Mortgage£200,825£1313.702.23%15 Years

Completed 31/07/19

Mr P had been in an IVA, which he’d now completed, and Mrs P was currently paying off a secured loan. Their aim was to consolidate the secured loan with a new mortgage product, and to get off the higher rate mortgage that they’d been on for some time. Predominantly, they wanted to bring down their monthly payments.

At Clever Mortgages we were pleased to be able to help them, and we secured them a new mortgage which is now saving them a significant £695 every month! By switching lenders and consolidating debts, we were able to find them a mortgage deal with a saving that’s now making a big difference to their lives, and helping them get back on track to improving their credit score. Arrange a call from one of our expert advisors today.

We might be able to help find you a mortgage after an IVA even if you’ve had bad credit

If you or your partner have a history of bad credit, for instance if you’ve been in an IVA or DMP (Debt Management Plan), you might be concerned that you won’t be able to get a great deal.

We help customers, even when they have bad credit, to consolidate their debts, sometimes saving them hundreds of pounds every month. 

Why use Clever Mortgages?

We know the best lenders and products to look to for each individual situation. We could give you the best chance of getting a great consolidation mortgage deal. We can help, even if you:

  • Want to consolidate all of your debts, and just make one monthly repayment

Enquire with us about getting a mortgage to consolidate your debts, and we could:

  • Search for the right deal for you, even if you’ve got a poor credit history – many of the customers we help have found themselves in a bad credit situation, and might have been on a Debt Management Plan or in an IVA.
  • Discuss with you the different options available – for instance, you might not have considered using a guarantor or applying for a joint mortgage, we can discuss what might give you the best chance of getting a mortgage on a better rate.
  • Make sure your application goes to the best lenders for you – not all lenders offer mortgages to people with a bad credit history, but we know which ones are most likely to say “yes”, and to give you a good rate when they do.

Why should I use a mortgage broker for my debt consolidation mortgage?

  • Some mortgages for people with bad credit are only available if you go through a mortgage broker – we know the mortgage lenders who accept defaults and other bad credit situations
  • You’re likely to only have to do one application – this will save you time, and more applications from being recorded on your credit file
  • Brokers can advise on what would improve your chances – e.g. finding a guarantor or opting for a joint mortgage
  • They can take the hassle of application forms away – talking you through every step, and asking all the right questions

Debt consolidation can be a good solution for some mortgage customers – however, it’s not suitable for everyone.

What next?

Speak to one of our expert advisors on getting a mortgage to consolidate your debts, contact our team today. We are experts in offering solutions to people with bad credit and can help if you need a hand with your next move.

Follow us on facebook